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How much money to give my child in college
I have a two children in college and I struggle constantly with how much to give them for spending money. With this money they have to pay for occasional meals out (they have the meal plan), gas and car upkeep, socailizing, toiletries, supplies for school and needs for dailing living. We pay tuition, meal plan, health insurance, car insurance, books and major clothes needed. They are great kids making all A's and B's in private liberal arts schools. I know they budget, but I feel like I'm cheating them if I don't give them more. I was wondering if there are any parents out there that can relate and let me know what is reasonable. We give them each $200 every two weeks. I know they buy clothes for themselves too. And recently my son went on a road trip and was able to pay for a couple of fun activities with the money. I want them to be happy. I don't think they are spoiled and I know they will be responsible adults. They've proven to be responsible kids. Is $400 ample or too much? I want to compare with others. Thank you.
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When my son went to a private Midwestern college, I gave him a credit card that both of our names were on. He used it for any upkeep expenses, and I got the bill (so I could make sure he was using the card for necessary things). For fun money, he had a job on campus. He could use that money any way he wished. If he didn't work, he couldn't play. This worked out well establishing a credit history, as well as helping him budget and being a responsible spender. |
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My brother is currently in college. My Mom set up an account at the beginning of the year with $1,000 for his spending money/food/gas/etc. That is to last him the entire year. If he blows it in the first couple weeks, well, he has to find a job. He's done pretty well with the money, but he got a job! :) They have to learn to live on a budget. I recommend doing it the way my Mom has done - give them an amount at the beginning of the year and let them budget it. $200 every other week is a lot. |
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